UPDATE: JPMorgan Upgrades Plantronics (PLT) to Overweight
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JPMorgan analyst Paul Coster upgraded Plantronics (NYSE: PLT) from Neutral to Overweight with a price target of $25.00.
The analyst comments "We are upgrading PLT to Overweight. PLT is trading at 6.9x our CY21E P/E and 8x CY21E EV/EBITDA, which are
~18% discount and ~6% premium to historical three-year forward averages. We are incrementally constructive on the story owing to strengthening demand for the company’s headsets and Studio product and owing to improving execution under the new CEO."
Shares of Plantronics closed at $19.52 yesterday.
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